Shell Ventures, Trafigura, AET, and Saudi Aramco Energy Ventures have all invested in a Swiss company that aims to convert hazardous ship pollutants into products that can be upcycled.
Daphne Technologies raised CHF10m in a funding round led by Shell Ventures, along with Trafigura, and AET, as well as previous investors including Saudi Aramco Energy Ventures and the Innovation Fund.
It is Daphne’s second capital raising since it was spun off from the Swiss Federal Technical Institute (EPFL) in 2018.
“We are proud to have attracted best-in-class strategic investors all committed to working together, with Daphne, for an economically sustainable energy transition,” said Founder and CEO of Daphne Technology, Dr Mario Michan. “The capital raise enables us to deploy our systems and expand our portfolio of emission reduction solutions.”
Daphne is developing plug-and-play solution that it says will break down the pollutants, converting them into non-hazardous by-products, which can either be up-cycling them into useful products or released harmlessly into the environment.
The company likens its approach to recycling plastic waste for use as building blocks in construction.
Peter van Giessel, Investment Director, Shell Ventures, said: “Daphne’s technology addresses a significant challenge in the hard-to-abate marine space when it comes to reducing greenhouse gas emissions. Their plug-and-play solution has enormous potential to also help other sectors, and we look forward to supporting them in their journey.”
Capt Rajalingam Subramaniam, AET President & CEO, said, “This investment marks our entry into R&D for GHG abatement technologies aligned with our ongoing decarbonisation initiative and is made alongside other leading like-minded energy players and strategic partners.
AET plans to trial the technology to reduce methane slip on its LNG powered vessels.
“Therefore, aside from being an investor, we will also deploy and test the technology across our vessels which utilise LNG as a fuel source,” he said.
Source: Seatrade Maritime News